Alfa Laval AB, the world’s largest maker of heat exchangers, said Monday it would offer 5.03 billion kronor ($700 million) for Swedish dehumidifier maker Munters to add climate control technology to its product range.

“The acquisition of Munters will complement our selection of products and gives us an increased application knowledge in air and climate solutions”, Chief Executive Officer Lars Renström said, adding:

"Munters is a company with strong positions that we can further develop through Alfa Laval's industrial structure and strong presence in the fast-growing markets of South America, Eastern Europe and, not the least, Asia."

Alfa Laval offered 68 kronor a share in cash for Munters; almost 30 percent higher than its closing share price on Friday. The two main shareholders in Munters, AB Industrivärden and Investment AB Latour, who together hold 29.6 percent of the shares, have accepted the offer.